Prime Minister says legislation introducing government takeover powers will be introduced this week.
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British Prime Minister Keir Starmer announced plans to fully nationalize British Steel in Scunthorpe, the UK's last remaining plant capable of integrated steelmaking.
Starmer said legislation granting the government powers to acquire full ownership will be introduced in parliament this week.
The move signals state intervention in a critical industrial sector as the UK steelmaker faces financial pressures. Scunthorpe has long been central to British steel production and employment in the East Midlands region.
The nationalization marks a significant policy shift toward direct government ownership of strategic manufacturing assets.
The UK government will introduce legislation this week to fully nationalize British Steel's Scunthorpe plant, the country's last integrated steelmaking facility. The move represents a dramatic shift toward state ownership of critical manufacturing assets facing financial pressure.
If nationalization proceeds, it could stabilize steel prices and supply chains for UK manufacturers reliant on domestic production, while signaling broader government intervention in strategic industries that may affect future privatization debates. The move affects East Midlands employment and regional economic planning, particularly for communities dependent on the plant's operations.